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Bagott explains why GSE Appraisals are not needed, they just write off foreclosures

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J Grant said:
If they are renting, what does that have to do with the topic of FHA defaults and buying houses ? You said put pressure on the housing market - the topic was buying houses and FHA loans,

Some illegals rent, many live with family or pile in 10 to a rental or live in trailers etc -
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Supply vs demand. Less demand will result in lower rents. Lower rents will result in lower pricing for their substitute, which is entry level purchases. Lower entry level prices will result in lower prices for the move up properties. The footbone is connected to the kneebone, the kneebone is connected to the thigh bone.......

If there are 20M illegals in the country that amounts to a sizable percentage of the population as a whole and an even higher percentage of the rental tenants. So yes, sending a bunch of them back to their point of origin has the distinct potential of effecting the rental market for apartments, the rental market for the corporate investors in the SFR market and the overall pricing structure on the low end in the SFR markets.
All the action is at the margins. So when Bubba says we need to let them in he can GFY.
 
George Hatch said:
Supply vs demand. Less demand will result in lower rents. Lower rents will result in lower pricing for their substitute, which is entry level purchases. Lower entry level prices will result in lower prices for the move up properties. The footbone is connected to the kneebone, the kneebone is connected to the thigh bone.......

If there are 20M illegals in the country that amounts to a sizable percentage of the population as a whole and an even higher percentage of the rental tenants. So yes, sending a bunch of them back to their point of origin has the distinct potential of effecting the rental market for apartments, the rental market for the corporate investors in the SFR market and the overall pricing structure on the low end in the SFR markets.
All the action is at the margins. So when Bubba says we need to let them in he can GFY.
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The figure is 11 million illegals. How did you manage to get 20M?

Does the 11 million recognized include children? If so, they are not buying or renting homes. The many illegals who live with families or onsite at farms and ag faciites are not buying or renting homes.

Let's say a few million immigrants do buy or rent. It would take up some available housing but not as much as the much larger American population or the corporate buying of SFR and renting them in bulk purchases.

The S/D of avail housing still has little to do with the topic of foreclosure of FHA loans - but from the start I knew the OP's post was a thinly veiled political parry as nearly all of his are - and people responded in kind.

The few sections of the board that are supposed to be about appraisal topics get routinely hijacked for political views, and it is hurting participation.
 
The official count was 11M back in 2022. I have heard unofficial estimates of up to 25M overall. The Biden Admin thinks it was some big political concession for them to limit illegal entry to (5000/day) 1.8M/year as the trigger point for actively enforcing the laws prohibiting illegal entry. Meaning they *intended* to allow that many illegals to enter before trying to prevent them from doing it.

And sure, 11m-12M in the official count in late 2024 doesn't equate to that many rental units but the total number of rental units isn't as high as many people think. I live in Calif where 11M of the population are reportedly immigrants (82% legal, 18% illegal). 18% of 11M immigrant residents is a lot of illegals

What do you think it would it do to the rental structure if 500,000 rental units went vacant? Have you ever appraised multi-family when vacancies were up? I have.
 
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J Grant said:
Where do you get that information from?

Migrants who are not here legally can rarely afford to buy a house. They would need to qualify for a mortgage, and an under-the-table job or low-paying seasonal vegetable picking won't cut it.

The MAGA talking points with no proof - ask loan officers if "illegal migrants " are buying houses and get back to me. Do you think an illegal working at a meat processing plant or off the books who is living with 10 others in a trailer can afford to buy a million-dollar house in California?

. The corporate peeps calling you every week and ask you if you want to sell is FACT. Corporations building up housing is putting pressure on supply.

Next craziness = Veneawualen gangs?? Have you ever seen one ? I haven't.

What is going on? You are being lied to and fed falsehoods from Trump and disinformation from FOX and whatever other sources MAGA relies on. Same as the lies about FEMA being only going to give Americans 750 - turn off FOX and listen and read and research and stop being a victim of these falsehoods. OR not. Your choice.
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Again, J - try to do just a tiny bit of research before going off. It just makes you look like one of those crazy people that jump up and down throwing a fit like a little kid.

 
J Grant said:
Waiting for the facts that so many illegal migrants are buying houses...

Has anyone here asked any loan officers about it?

How would an illegal migrant, living in the shadows with little earnings, how would they qualify for a loan?
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Probably a GSE waiver.
 
alebrewer said:
I think we know what they're eating. Cats, dogs, and domesticated chickens from what I've heard...
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I am taken the role of Jgrant for this post

jgrant show me the proof they are eating the cats, dogs and chickens and, and my add; pigeons and even mice. LOL

FTR the tren de aragua are now in New York City. Putting pressure on rentals, Lot;s of rats in, big river wharf rats to eat in NYC...
 
Carnivore said:
I am taken the role of Jgrant for this post

jgrant show me the proof they are eating the cats, dogs and chickens and, and my add; pigeons and even mice. LOL

FTR the tren de aragua are now in New York City. Putting pressure on rentals, Lot;s of rats in, big river wharf rats to eat in NYC...
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I start hearing stories about folks eating possums - then I'll be scared...
 
Carnivore said:
I am taken the role of Jgrant for this post

jgrant show me the proof they are eating the cats, dogs and chickens and, and my add; pigeons and even mice. LOL

FTR the tren de aragua are now in New York City. Putting pressure on rentals, Lot;s of rats in, big river wharf rats to eat in NYC...
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Its probably only a few buildings, who cares.
 
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